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To let or not to let


Colette
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We can't decide whether to let our house or not having heard several terrible stories from friends who have.  We're only thinking of letting as we're worried about the place being empty for so long.  We can only get here for 8-10 weeks a year and not at all during July or August.  Can't deny the money would be nice too.  Problem is, although the house is nothing out of the ordinary (there's no pool for example), it's very nicely furnished with some antiques and other nice pieces that we wouldn't want damaged yet can't really move or lock away (dining table, cream sofas, etc.). 

I know we can demand damage deposits but our keyholder will hopefully be doing the handovers and may not be as particular as I would about knocks and scratches. 

What are most people's experiences in the letting game?  Is it really sensible if you have got a nice place and are a bit fussy?

 

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[quote user="Colette"]Is it really sensible if you have got a nice place and are a bit fussy? [/quote]

From day 1, my thinking about letting has been "if you don't want to replace or loose it, don't leave it there"...

That applies to absolutely everything in the property.

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[quote user="Colette"]

We can't decide whether to let our house or not having heard several terrible stories from friends who have.  We're only thinking of letting as we're worried about the place being empty for so long.  We can only get here for 8-10 weeks a year and not at all during July or August.  Can't deny the money would be nice too.  Problem is, although the house is nothing out of the ordinary (there's no pool for example), it's very nicely furnished with some antiques and other nice pieces that we wouldn't want damaged yet can't really move or lock away (dining table, cream sofas, etc.). 

I know we can demand damage deposits but our keyholder will hopefully be doing the handovers and may not be as particular as I would about knocks and scratches. 

What are most people's experiences in the letting game?  Is it really sensible if you have got a nice place and are a bit fussy?

 

[/quote]

I'd say no.

There are legal/insurance considerations (myther); The money might be 'nice' but there wouldn't be much of it; your house and possesions would undoubtedly get knocked about, and it's surprising how different you would feel about 'wear and tear' caused by yourself, to that caused by others; any problems that occuurred would have to be sorted out by phone, (possibly cutting into your working day).

Bear in mind also, that what you  are considering is not what your current keyholder originally signed up for. While he/she may have agreed in principle, keyholding in an absent owner letting situation can be a complete pain. He she may have to hang around waiting for arrivals who are late, and deal with demanding/grumpy/miserable people etc etc, make time consuming and (some) expensive phone calls which you will have to pay for etc etc.

All this applies equally to the concept of   'letting friends have a free holiday' so the house won't be empty - I speak from personal experience on that score.

 

 

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We have probably been lucky, as so far after a couple of seasons we have only had 'wear and tear', but do need to replace/refurbish most things. we have recouped enough to pay for basic bills, but as mentioned, there is not much profit! It would probably cost you less to just employ a keyholder/caretaker to check the house regularly. Hope you enjoy the time you are there!
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[quote user="Colette"]...Can't deny the money would be nice too.  .[/quote]

Make a balance sheet of what income rental you can expect (research similar properties in the same area) against what you will have to pay a reliable caretaker plus allowance for wear and tear (damage can be wholly or partially covered by a security deposit and / or insurance), plus insurance costs, plus advertising costs, and don't forget you will be taxed in France on the letting income.

[quote user="Colette"]...Problem is, although the house is nothing out of the ordinary (there's no pool for example), it's very nicely furnished with some antiques and other nice pieces that we wouldn't want damaged yet can't really move or lock away (dining table, cream sofas, etc.). [/quote]

As said above, never put anything that can't easily be replaced into a holiday let. This doesn't mean furnish it with rubbish, just not with family heirlooms or treasured possessions. Cream sofas...{{shudders}}!

[quote user="Colette"]...I know we can demand damage deposits but our keyholder will hopefully be doing the handovers and may not be as particular as I would about knocks and scratches.[/quote]

To run letting efficiently you either need to be on site or have a caretaker/cleaner/gardener/maintenance person you can trust. Knocks and scratches could arguably be counted as wear and tear (and should be fixed before the next let).

[quote user="Colette"]...Is it really sensible if you have got a nice place and are a bit fussy?.[/quote]

Probably not, if you don't have a really reliable caretaker - just enjoy it yourself!

HTH
Jo

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Thank you everyone, I really do appreciate your input especially as it confirms our previous doubts.  I think if we had been 100% confident about letting, I would not have posted the question.  I also appreciate the comment from the person who suggested it isn't a good idea to let to friends.  We've been under a bit of pressure to do this from a couple we don't know particularly well.  We have so far resisted, and I think we will continue to do so. 
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We have been renting a house for about four months and were recommended to the owners by our agent. We are carefull tenants and are even using quite a lot of our own stuff to avoid damage. However over the last few weeks I have noticed some things starting to deteriorate slightly. Nothing that a lick of paint wouldn't fix but to the owners on their return could feel as though we have not taken care.

I have a rented a few houses in my time and have always handed them back in the same or better state than when I moved in but do appreciate that some people either don't have the time to notice deterioration or don't care. The best thing is not to have expensive stuff, that you like, left to be used by renters. It's not a good idea and in fact it can make the accomodation feel restrictive to occupiers.that know they are moving on.

Just make the place comfortable and easy to manage. At worst you only have to renew a few things if anything gets damaged.

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Just a further note to my last post.

Make sure renters have a clear understanding of what you are expecting.

Write up an inventory and get it signed.

Ensure they and you know the state of all the kitchen appliances

Take pictures of the state at start of tenure.

Ensure that they and you know the exact cost of utility bills that they will be expected to pay.

Make sure there is someone in place to handle any emergencies. Your tenents may not speak much French.

All the above doesn't have to be doom and gloom but just ensure everyone knows.

I hope this helps.

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Fulcrum, I believe Colette was referring to letting for short holiday lets - as a gîte - that's the forum section we're in, whereas your advice appears to be addressing longer-term lets.

Colette, if that's what you meant, long-term lets are a different kettle of fish altogether; see the thread entitled something like 'How do you become knowledgable about letting'. Less hassle if you're not on site, but fraught with legal implications especially if the tenants don't have a principal residence elsewhere.

HTH
Jo

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I was only talking about holiday lets.  We couldn't possibly consider a long term arrangement as we want to pop over and visit the house often at short notice when we have a quiet period at work.  Also, isn't it more complicated legally if you let long term?  I thought it was. 

But I do wonder how the owners of those really fancy properties you see in the up-market brochures manage.  Some of these houses are out of this world, and at rents to match!   

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[quote user="Colette"]

I was only talking about holiday lets.  We couldn't possibly consider a long term arrangement as we want to pop over and visit the house often at short notice when we have a quiet period at work.  Also, isn't it more complicated legally if you let long term?  I thought it was.  [/quote]

Yes, absolutely - it's essential for anyone to know the difference if considering letting - whether holiday lets (less than three months, furnished), longer furnished lets (more than 3 months) and unfurnished longer leases. Each fall subject to quite separate laws and regulations. With the exception of holiday lets the law is quite firmly on the tenants' side. Until a supplementay law was passed last year you could let a furnished property for up to a year without much problem. Now, if the tenants have no other principal residence, the laws apply in much the same way as they do to unfurnished lets - a can of worms! Still, that's irrelevant in your situation.

[quote user="Colette"]

But I do wonder how the owners of those really fancy properties you see in the up-market brochures manage.  Some of these houses are out of this world, and at rents to match!   

[/quote]

They're businesses, with all the running costs, admin costs & taxes that apply to any business. And, as with any businesses, some succeed and others don't. In many regions (and for certain types of property) it's a very competitive field; in others there is still a good demand.

If you think the concerns and responsibilities will outweigh the benefits, then just have lovely holidays and enjoy your own property!

Jo

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